v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Taxes
Our income before taxes is as follows:
(in millions) For year ended December 31,202520242023
U.S. operations$312.8 $207.0 $127.1 
Non-U.S. operations120.0 131.5 106.0 
Total$432.8 $338.5 $233.1 
As of December 31, 2025, we have made the following determinations with regard to our non-U.S. earnings:
(in millions)Permanently reinvestedNot permanently reinvested
Amount of earnings$232.9 $803.7
Associated taxNA *$10.3 
* Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $232.9 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.
Schedule Of Provision For Income Taxes
Our provision (benefit) for income taxes consists of: 
(in millions) For the year ended December 31,202520242023
Current:
U.S. federal tax$58.7 $39.7 $36.0 
U.S. state and local tax6.7 4.0 3.8 
Non-U.S. tax37.8 38.2 36.1 
Total current103.2 81.9 75.9 
Deferred:
U.S. federal tax1.2 (7.4)(13.0)
U.S. state and local tax0.1 (1.7)(1.5)
Non-U.S. tax(3.4)(2.5)(4.2)
Total deferred(2.1)(11.6)(18.7)
Total provision for income taxes $101.1 $70.3 $57.2 
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate
We adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements To Income Tax Disclosures" on a prospective basis beginning with the year ended December 31, 2025.
A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
(in millions, except %) For the year ended December 31, 2025AmountPercent
US Federal Statutory Tax Rate$90.9 21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect*5.1 1.2 %
Foreign Tax Effects
   Other Foreign jurisdictions9.3 2.1 %
Effect of Cross-Boarder Tax Laws
Global intangible low-taxed income11.0 2.5 %
Foreign-derived intangible income(7.2)(1.7)%
Other2.2 0.5 %
Tax Credits
Research and development tax credits(3.0)(0.7)%
Foreign tax credits(11.9)(2.7)%
Changes in valuation allowances(0.1)— %
Nontaxable or Nondeductible Items
Equity Compensation(9.8)(2.3)%
Non-Deductible Officers Compensation9.4 2.2 %
Other3.4 0.8 %
Changes in unrecognized tax benefits2.1 0.5 %
Other Adjustments(0.3)— %
Effective Tax Rate$101.1 23.4 %
* State taxes in New York, Illinois, Texas, Ohio, and Massachusetts made up the majority (greater than 50 percent) of the tax effect in this category.
For the year ended December 31,20242023
Statutory U.S. federal tax rate21.0 %21.0 %
Increase (reduction) from:
Income taxed at non-U.S. rates2.4 %4.1 %
Non-U.S. income inclusion, net of tax credits0.4 %(1.7)%
State and local taxes, net of federal benefit0.5 %0.7 %
U.S. research and development tax credit(1.3)%(0.8)%
U.S. deduction for foreign - derived intangible income(1.5)%(1.9)%
Non-deductible expenses2.5 %4.4 %
Equity Compensation(2.6)%(2.1)%
Other(0.7)%0.8 %
Effective tax rate20.8 %24.5 %
Schedule of Income Taxes Paid
(in millions) For year ended December 31,2025
Federal$53.8 
State5.3 
Foreign:
France5.8 
United Kingdom7.6 
Other foreign jurisdictions24.0 
Total $96.5 
Income taxes paid, net of refunds, for the periods ended December 31, 2024 and 2023 were $88.9 million and $110.5 million.
Schedule Of Deferred Tax Assets And Liabilities
The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31,20252024
Deferred tax assets:
Tax loss and credit carryforwards$40.5 $45.5 
Inventories33.1 30.0 
Deferred tax asset related to the sale of a subsidiary— 7.2 
Capitalized research and development 20.6 28.1 
Stock Based Compensation6.0 5.8 
Other13.9 13.8 
Total$114.1 $130.4 
Less: valuation allowance40.9 46.2 
Total deferred tax assets, net of valuation allowance$73.2 $84.2 
Deferred tax liabilities:
Basis difference in fixed assets$(28.4)$(28.2)
Basis difference in intangible assets(65.0)(67.4)
Pension and post-retirement benefits(11.9)(2.0)
Deferred tax on non-U.S. unremitted earnings(10.3)(10.2)
Total deferred tax liabilities$(115.6)$(107.8)
Net deferred tax asset (liability)$(42.4)$(23.6)
Balance sheet classification:
Long-term deferred tax assets3.5 11.2 
Long-term deferred tax liability(45.9)(34.8)
Net deferred tax asset (liability)$(42.4)$(23.6)
Summary Of Tax Loss And Tax Credit Carryforwards
As of December 31, 2025, we had U.S. federal, U.S. state, and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration		U.S.
Federal
Tax
Credits		U.S.
State
Tax
Credits		U.S.
State
Tax Effected
Losses		Non- U.S.
Tax Effected
Losses		Total
2026-2030$— $0.4 $1.1 $0.8 $2.3 
After 20301.3 0.3 5.6 0.2 7.4
Indefinite— 15.7 2.5 12.6 30.8
Deferred tax asset on tax carryforwards$1.3 $16.4 $9.2 $13.6 $40.5 
Schedule Of Gross Unrecognized Tax Benefits Reconciliation
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions)202520242023
Balance of liability as of January 1,$8.4 $7.9 $6.9 
Increase as a result of tax positions taken during a prior year0.2 0.1 0.2 
Decrease as a result of tax positions taken during a prior year— (0.4)(0.1)
Increase as a result of tax positions taken during the current year2.1 1.9 1.7 
Decrease as a result of settlements with taxing authorities— — — 
Reduction as a result of a lapse of the statute of limitations(0.4)(1.1)(0.8)
Balance of liability as of December 31,$10.3 $8.4 $7.9 
Summary of Income Tax Examinations For these reasons, and with few exceptions, the years for which we filed returns that are open to examination are as follows:
JurisdictionYear
U.S. state and local    2019 - 2024
Non-U.S.     2019 - 2024